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Monday, 25 May 20
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
 Non-OPEC oil supply continued to increase by 2.0 mb/d in 2019, driven by US shale production, which rose by 1.7 mb/d, amounting to 84% of total non-OPEC supply growth. This growth came despite pipeline constraints in the Permian basin in 1H19, and as independent oil companies began to reduce spending in response to investor demands to raise free cash flow. With regard to infrastructure, Canada also suffered from limited pipeline and storage capacity, which led to a mandate to curtail oil sands production by the Alberta provincial government. Liquids production in Brazil, Australia, Russia and China also contributed to the gains, while part of this growth was offset by heavy declines in Mexico and Norway.
Capital expenditure, including exploration capex in non-OPEC countries, reached a record high of US$741 bn in 2014 when oil price levels were also high. However, in the years that followed and with lower average oil prices, investment dropped to considerably lower levels in 2016. Moreover, since the beginning of the renewed decline in oil prices in 4Q18, the amount of capex has also decreased to US$459 bn in 2019. Capex in 2020 is forecast to show a y-o-y decline of 23%, according to preliminary estimations, which is only approximately half of level of capex in 2014. The COVID-19 pandemic, which began in 1Q20 has spread globally in a matter of a couple of months, has caused a recession in the global economy as well as an unprecedented oil demand shock, leading to large oversupply in the oil market.
In response to this sudden and huge market imbalance, OPEC and the 10 non-OPEC participants in the Declaration of Cooperation (DoC), decided to adjust down their combined current production by 9.7 mb/d in May and June 2020, to be followed by a combined reduction of 7.7 mb/d in 2H20 and by 5.8 mb/d for a period of 16 months, from 1 January 2021 to 30 April 2022. Furthermore, on 12 May 2020, Saudi Arabia, the UAE and Kuwait announced that they would voluntarily deepen oil output adjustments from June, by 1 mb/d, 100 tb/d and 80 tb/d, respectively, in an effort to expedite draining a global supply glut and rebalancing the oil market. Outside of the DoC, other non-OPEC producers, particularly US producers, reduced their production by shutting-in producing wells or adjusting down the rate of production. According to different sources and company announcements, US producers – including oil majors – have so far cut production by at least 1.5 mb/d in 2Q20, which is likely to be achieved by shut-ins of higher-cost wells, partial reductions in output of selected wells and the deferral of “putting on production” wells.
Additionally, 2020 oil production in Canada, particularly Alberta’s bitumen and synthetic crude, is forecast to decline by 0.4 mb/d on an annual basis, on reduced upstream capex of the main operators and shut-ins/curtailment announcements of around 1.0 mb/d.
Globally, outside of the DoC, as of 6 May 2020, around 3.6 mb/d of production cuts have so far been announced in response to the lack of demand, low oil prices, excess supply and limited storage capacity. With this, non-OPEC supply in 2020 is expected to see a deep contraction of 3.5 mb/d mainly in the US, Russia and Canada, as only few countries will to show some supply growth in 2020 such as Norway, Brazil, Guyana and Australia.
The speedy supply adjustments in addressing the current acute imbalance in the global oil market has already started showing positive response, with rebalancing expected to pick up faster in the coming quarters.
Source: OPEC
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Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
Wednesday, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnes ...
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Showing 1101 to 1105 news of total 6871 |
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- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Parliament of New Zealand
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
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